The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-12-08


fund requirement, and also materially
diminish other expenses of government
but II is not well either to abolish or
reduce internal revenue taxation; II is u
tax upon whisky, beer and tobacco things
which are in small measure necessary 10
10 the health or happiness of mankind; il
they are necessary TO any unfortunate
man they are far less necessary even 10 him
than are u thousand other articles which
the government taxes. This tax is the
least Cumbersome, the least unjust of all
the taxes which the government lays or
can lay upon the people, IL should no, bc
abolished, nor should il bclrcduccd ii, with
due regard To the existing conditions of
labor and capital, sufficient reduction can
bc made in the taxation OF necessary arti.
Giles which are in the daily use Of all the
people.
"And now ucre is left only the revenue
from customs taNations 20 he considered.
Hero is where the reduction should be
made, and while reducing, advantage
should be taken of the opportunity 10 re-
form the abuses and inequalities OF the
tariff laws, Add TO the free lists rs many
articles rs possible Reduce duties upon
every dutablo article 10 the lowest point
possible; but in asccrtnining these poisi-
hilitics, The present situation ol labor and
business must always be kept IN mind.
After the question OF the annual
surplus revenue is disposed Of there stillrc-
mains the surplus money which is IN the
treasury 10 be considered. The surplus
amounted, on the ilrst day OF December, to
j5,25S,10l IL, and will possibly amount
Ia about Sli0,OO0,0O0 ON the 30ih day
of June noXt One use which can be- made
of this money Is 10 diminish taxation 20
such m extent that the annual revenues
will he less for some years 10 come than
the appropriations; thus the accumulated
surplus would be- used for ordinary
expenses and the people would gain the
greatest possible good from IL. Doubtless,
10y the time this money WAS spent IN pur-
suancc Of this plan, the revenues would
have M increased as Ia he equal to proper
annual expenses. Experience teaches that
this would probably bo the case. In the
meantime portion Of this money could
lie in banks, where IL would hc available
In the business OF the country, and, ns
upon withdrawal from them, It would hc
ut once returned to the channels uf bust
ness through government payments, no
! shock would bc caused hy such with
duwal. As this IL the best use to make II
this money | advise IL. H. however, it is
thought better TO attempt 10 buy bonds
with H. | should like To- have specific nu-
thority given 10 the Secretary Of the Treas
ury 10 do 30"
The report shows that the circulation Of
the standard silver dollar has incrcascdS lO,-
idi,nOj during the past year. In regard To
this the Secretary Siys: "OnC NJ the most
interesting facts shown by the foregoing
statements Is the decrease In the number
ol standard silver dollars owned by the
| government, AMI the increased use of the
samc money by the people In the form ot
| silver certificates. The five, two AMI one
| dollar certificates furnish a convenient cur
rcncy, and IL h evident that the future use
/ Of the silver dollar N.h be- almost Cx-
| clusivcly in that form. The law
| should DC 20 amended ~ 10 authorize the
Secretary OF the Treasury 10 issue ccrtln-
Gates against the coming value Of the
bullion bought, aud 10 coin only such
number Of dollars as he might deem cN-
pcdicnt hereafter. 10 would lc
u neglect oi duty did not call the atton-
ton oi the Congress Ia certain safeguards
which ought 20 bothrown about the stand
ard silver dollar 10 protect from possible
loss the people afnong whom H. aud It's
representative the certificate, Is ~ uni
ycnllly distributed.
provision should be made against
time when thcrc may be morc Of that
form Of money than Is required Tor the
business ol the country. The iInt Fympi
tom oi this will be- increasing ownership ol
silver by the government. This Increase
will take place, because the government
pays 10 the people that kind oi currency
which they wish 10 have, aud receives from
them that kind which they wish "a pay
consequently, the government will ucru-
mulaio the form Oi money which thr pub
lic least desires.
There should always be- IN the treas
ury cnough.ilyor beside thut held against
outstanding certificates "a enable TIE GOV
eminent 10 at once supply asy demand Tor
ID on the part ~ the people, but ell held Ia
/ the treasury IN excess ui that amount D.
absolutely useless for any pupusc, and i5
/ in fact menace 10 the silver which the
/ people hold and also to the United states
/ notes and national bank notes a. ilir
/ whole circulating medium, except ru'ii
/ Therefore, 10 would be- the pant oi .wl-dum
/ IA prevent ant accumulation Oi SILVER in
/ thr treasury beyond u yilliccnt rtrryu
needed to meet nny demand which may hc
NlaliNN lNl w. lNlNH Ntlll ~ UNIV W lIHIlNH
| the amount oi such reserve, and providing
Z that whom Il ~ exceeded hyny 5000 OOu,
the purchase Of bullion thull cease until
the amount held by the government again
/ equals such reserve.
Another plan. and somewhat similar Ia
that recommended by1ny predecessor IN
his last annual report, would be "a provide
/ that when the rrHcryc WIS exceeded nn
/ amount Oi United States notes equal in
value Ia such excess should be- cancslCd,
/ " enough Of them were IN the treasury;
| but II not, then tho purchase ol bullion
/ should cease until the maximum reserve
should be- reached. This would create u
/ vacuum In the circulating medium, which
would be- lllod by silver. The amount OF
/ United States notes would be- gradually
reduced unliltho whole were cXtinguishcd,
/ silver dollars or silver certificates would
| take the place Of United States notes ms
/ they retired. This plan would make our
currency more uniform and rs secure US
now.
"Ncthcr Of these plans, II adopted,
would diminish the nctual or potential use
| ~ silver as currency bya dollar In my
/ judgment Il would bc promoted thereby
The balance OF the report Is taken mp
with reports Of customs, revenue, marine,
emigration aud the coast survey.